St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-10-28
Lawyer Hyde Buys the Prop
epty for $f,1O5, 5,000.75 for
Senator Sabin.
The Porter Syndicate Did Not
Bid So Spiritedly as Was
Expected.
No Further Litigation Antiei-
pated---Senator Sabin
Congratulated.


would have known that something un-
usual was tranSpiring by glance at
the crowds of men earnestly engaged at
every street corner in the discussion of
some problem. And it was matter of
vital Importance to the majority of the
takers. who. seemingly regardless of
the ripping, frosty air. almost made the
sidewalks impossible, especially i'll the.
vicinity of the court house. For it was
the day set aside by the court for the
sale of the effects of the Northwestern
Manufacturing Il Car company. Ac-
cording to the order of the court the
sale was to be made between the hours
of 8 a. N. and , p. m, by its referee, W.
{. NilllSton, who was instruct
ed not TO receive a bid
for the property of less than 81 100000
To many of the spectators this action
meant either continuance or ceSsa-
ton OF work this winter. so that it was
no wonder that the asSemblage inside
the railing leading TO the stone steps of
the court house where the sale was to
take place. tested the capacity of the
Enclosure. and down the main street
was another sea of upturned anxious
faces awaiting the decision Of two cap
italiStS. who represented different fac
tiOnS. striving for the supremacy in con-
trolling this great industry of the North
west. Eastern men predominated in
group that edged up close to the court
house door where the referee stood on
the sill with a legal document in his
hands, and millions of dollars could
have been obtained from the portly,
WELL-DRESsED FINANCIERS,
who showed such "a deep interest in the
proceedings. The party comprised
Messrs. Henry d. Hyde, of Boston, who,
during the sale, acted as the spOkes-
Crawford, of Chicago. western agent of
DreXel, Morgan x Co., and who was
understood to represent H. II.
POrter's interests: James II. Boure.
president of the. Boston National
bank; E. B. Stoddard, president of the
Quinsigamond National bank, of Wor-
ceSter, Mass; S. F. Bagg, of the Water
town, n. Y. National bank: W. H.
Rhawn, president of the National Bank
B. Dewey, president of the National
Exchange bank, of Chicago; III. HI.
Porter. president of the Duluth IL Iron
Range railroad; d. E. Secombe, of
Minneapolis, representing the Market
National bank. of Boston. Mass: Gen.
'JOhn-B. Sanborn, who announced that
the claim of the German National bank.
of st. Paul, lad been settled; Judge
Charles E. Flandrau, T. w. McCutcheon.
Fayette Marsh, attorney for Receiver
Brown, of the car company; +. NJ
Prince, Isaac Staples, the Saltwater
millionaire and lumberman: J. c.
O'Gorman, auditor of the thresher COM
pany; Senator ID. NJ. Sabin and State
Senator Durant. AS soon as he could
command order the referee waded
through number of pages of type
writer manuscript abOunding in legal
verbiage directing the sale, and after
concluding this he read his own order
fixing yesterday as the time for carry
ing out the instructions of the court
While he was replacing the manuscript
in his pocket Lawyer SecOmbe, who
stood next the referee, stated that on
behalf of the Market bank, of Boston,
he wished it understood that
PROCEEDINGS WERE PENDING
in court to set aside all previous action
in the settlement of the affairs of the
company, and he made the amendment
for the benefit of intending purchasers.
''What is the amount of your claim?"
asked the representative of Mr.. Porter.
"Twenty-Seven thousand dollars"
said the lawyer, as he puckered his lips
a tritie and then became silent. This
interruption only consumed few sec
ondS and the referee then declared that
he was ready to receive offers for the
property. Those who intended to bid
must first make deposit OF 100000 in
cash or its equivalent as guarantee of
good faith i'll the transaction. Simul-
tancouSly two Simple-looking pieces of
white paper fluttered in the air in the
hand of Mr.. II. ID. Hyde, one being a
certified check for $9G, 600, and the other
similar instrument for $4,000,
which he handed to the referee.
MI. Crawford was not far behind in
producing one certified check for $780,
1;G0, and as he placed the precious docu-
ment i'll his vest pocket the referee
asked if any other gentleman present
wanted to ante. There was no response
TO this question, although many of the
spectators indulged in sly nudges in the
ribs, and the ball was opened with
How much ain | offered for this fran
chise?" ''One million dollars" softly
murnurcd Mr.. Crawford, which brought
out a rejOinder from Mr.. Hyde. Il
raise that 50, 1000 Ten hundred and
fifty thousand" intoned Mr. Crawford.
and then came ten-thouSand-dollar
raise from Mr.. Hyde. There was
NOT MUCH TIME WASTED
in chin music, but the bids gradually
decreased TO $1,000 until s1.105,OO0 was
reached, Mr.. Hyde making the offer.
All interest was centered i'll the two
financial giants as they stood almost
touching elbows, but, despite the per-
suasive elOquence and appeals of the
referee, Mr.. Crawford would not risk
any more money.
This is pretty serious matter" said
he, land man wants time to think
over it before pledging himself TO pay
out such sum. But guess / have
gone high enough"
Are you all done, gentlemen9 Once,
twice, third and last call (hestitating a
mOmenD, and gone to ii. ID. Hyde, of
Boston, for 81 Jos, ,O00,T5." Seventy-fve
cents was added to his own bid by Mr..
Hyde upon the reading of an exhibit of
the amount of cash in bank to the credit
of the car company. As the referee an
nounced his decision the crowd could
not restrain its enthusiasm. and hun
dreds Of iusty lungs proclaimed the
victory Of Senator Sabin. and a rush
was made to congratulate and shake
hands with the senator. But he disap-
peared suddenly, and, after giving three
more rousing cheers, the concouTsc dis
persed to spread the news about Still
water. The failure of the Porter syndi-
cate toinduge in the spirited conlpeti-
ton that had been anticipated BIZ
Senator Sabin's friends, was a great
surprise to all present, Tor il was nm
derstood that Mr.. Crawford was pre-
pared to go as high as
TWO MILLION DOLLARS
for the property. But it WAS evident